Boston bank adds marine financing

First Trade Union Bank announced rejoined the yacht-financing market and hired a senior executive to manage its yacht-financing program.

The bank named Jim Velez senior vice president/yacht lending and said he will be responsible for expanding its consumer lending portfolio in that business.

The bank said Velez, who lives in Fort Lauderdale, has more than 30 years of experience in the marine lending industry. Before he joined First Trade, Velez worked for KeyBank and has also been president of First New England Financial, where First Trade said he built a portfolio of yacht loans that included individual transactions of as much as $25 million.

Comments

This is a good sign in a tough economy. I think we are seeing the tip of the credit markets swinging to a freer flow of money after a 4+ year hiatus. The banks need new sources of income and as a few display good profits in the marine industry more and more will follow.
I do not think with an election year holding consumer confidence and emotions in check that the overall market will see an upswing until the presidential office is set for the next four years. Some tough decision will have to be made on the looming inflation and healthcare issues that congress will try to avoid for as long as possible, but the marine industry needs as many credit sources as it can get to help our dealers and our customers.